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CBA Submits Letter on Bureau’s Complaint Reporting Processes
On Monday, June 4, 2018, CBA submitted comments on the Bureau of Consumer Financial Protection’s consumer complaint reporting processes. The comments are part of the Bureau’s ongoing requests for information.
“CBA members strive to ensure their customers receive a swift and complete review of their complaints and inquiries. In fact, the overwhelming majority of complaints filed with the Bureau are successfully resolved by consumers’ financial institutions,” said CBA Vice President and Associate General Counsel David Pommerehn.
“To improve the complaint reporting process, we believe the Bureau should assist in complaint resolution and red flag potential problems for further evaluation. The public release of unverified, non-normalized complaint data increases privacy risks and offers no actionable value for consumers.”